Law-Forums.org

[ryscford]

My father in law died of cancer in nov..... He worked 32 yrs at a factory and retired 2 1/2 yrs ago.... At the time Dana was filing bankruptcy and did a buy out w all retires....


Mick lost-sold- not real sure what happened) all his life insurance., stocks, etc.........

He retired jan 1 2009...

In nov 2008, Dana required him to go to rehab in Cleveland (he was alcoholic), they paid for him, etc.... If he went thru the 30 days they would let him retire....... So jan 1.. He went to Dana and met to set up his retirement.....I asked him about it at the time and he assured me all went good... And if he died he put all to my husband and said "don't worry you guys will be set"...


t was clear even then, he would not live a long life, he had copd, asthma, bad hip,(could hardly walk) and alcoholic to boot, his work knew this as well...He would often make jokes about living to 60......


. We now find out, they sold him a single life annuity.......(as we called the trust company who took care of his pension) she told me this over the phone...I asked if there was any guarantee period and she replied no...
'


So all he put into for 32 yrs went back to the insurance company... We feel he was taken advantage of, because he clearly told us, not to worry as my husband was beneficiary and we do not think he understood at all........He was a functioning alcoholic his entire life, but really truly was a great man who only wanted the best for my husband (his only child) and myself and his grandkids...I have talked w an attorney and we are going to meet w him because he said we need to SEE what he signed...so we are in the process of trying to have them send it to us....but really is there any glimmer of hope at all?

[rickie]

I have no idea who Mick and Dana are, or their relationship to your father in law.

He clearly didn't understand what he bought, though, if he told you someone would inherit it, and they can't. And pension plans, are NOT inheritable by children. Period. It's quite likely he had no choice about the annuity, it could have been his pension buyout method, chosen by his employer.


HE wasn't "taken advantage of" - he bought a guaranteed, income for life. He GOT that income, for life. You're upset, because IN RETROSPECT, you think that there would have been more money left for you, if he hadn't bought it. That means NOTHING, of course, because if we all knew when we would die, there wouldn't be any guessing!!

That doesn't mean it was a bad deal, especially with a bankruptcy involved - seriously, his CREDITORS probably have more reason to gripe, they were left holding the bag! He very well might have purchased the annuity to avoid giving the money to creditors (illegal, but hey, it's too late now).

It's highly unlikely that anything illegal was done. And if it was, your attorney is the person in the best position to "make out" from this.

[kendon19]

Thanks for the answer... Mick is the employee who passed away and Dana is the name of the factory he worked at, Dana filed bankrupt not mick...

[denys]

If you need help contact the Department of Insurance in your state. A link is below.